Peer effects in decision-making:Evidence from corporate investment

We show that peer effects influence corporate investment decisions. Using a sample of China's listed firms from 1999 to 2012, we show that a one standard deviation increase in peer firms' investments is associated with a 4% increase in firm i's investments. We further identify the mechanisms, conditions and economic consequences of peer effects in firms' investment decisions. We find that peer effects are more pronounced when firms have information advantages and the information disclosure quality of peer firms is higher, or if they face more fierce competition. When firms are industry followers, are young or have financial constraints, they are highly sensitive to their peers firms. We also quantify the economic consequences generated by peer effects, which can increase firm performance in future periods.

Firm-level Strategic Competition and Peer Effects in Corporate Investment among Chinese Firms

This study investigates the influence of strategic competition on peer effects in corporate investment by using a sample of 28,522 observations of Chinese listed companies from 2008 to 2020.The study develops a linear-in means model and uses an instrumental variables approach,and uses the competitive strategy measure(CSM)and Lerner index as proxies of competitive strategies and competitive positions to capture the firm-level competition.The empirical results demonstrate that when firms compete as strategic substitutes and when firms are in higher competitive positions,the peer effects in corporate investment are significant and positive.In addition,in circumstances of high information asymmetry,firms competing as strategic substitutes and firms in high competitive positions rely more on information related to investment from peer firms.Moreover,industry policies and barriers do not significantly influence peer effects in investment.This study offers new empirical evidence regarding peer effects in corporate investment in China.

PE-EDD:An efficient peer-effect-based financial fraud detection approach in publicly traded China firms

Financial fraud arises from the exaggeration of business interests,and an accurate detection or prediction is a useful tool for both corporate management and capital market systems.A collection of computer technologies has been made on this problem so far,and one of the most important solutions is unsupervised learning algorithms.Among them,most approaches work by analysing the internal relations in financial data and finding a new description of non-fraud firms.However,current studies focus a lot on the geometry attribute of financial data,while overlooking the obvious behaviour patterns and peer effects among firms.This has limited the accuracy of representation and furthermore the detection performance.In this work,a very general class of functions is allowed to represent firms,constraining them by peer effects between firms and presenting an error-distribution-based financial fraud firm detection approach.Experimental results have shown great performance of the proposed approach.

The Effectiveness of Peer Feedback in EFL Writing

Based on the students' capability of assessing peers' essays, this paper attempts to analyze the effectiveness of peer feed-back in EFL writing. Significant improvements can be made in writing proficiency, especially for the students who review others' essays. The reviewers may not only improve their peer's papers but also improve general writing skills and learn to self-evaluatetheir own writing.

Effect of Teacher Feedback, Peer Review and the Combination on EFL Writing Study Proposal

Since the result of effect comparison is important for teacher's decision making,roles teacher feedback and peer review play respectively and collaboratively in tertiary-level EFL writing context should be addressed via quantitative study as this paper proposed.Quantitative data should be collected from students'first drafts,second drafts and written comments from teachers and peers.Gains for overall scores between the first and second drafts and correlation between suggestions and gains should be examined.

Peer effect in the initial recognition of goodwill

This study investigates the peer effect in the initial recognition of goodwill.We find that firms imitate their peers in the initial recognition of goodwill.The higher the tendency for imitation,the higher the proportion of goodwill recognized.Imitation behavior in the initial recognition of goodwill cannot be explained by information acquisition or rivalry motivations.Instead,we find evidence that managers’opportunistic motivations explain the peer effect in the initial recognition of goodwill and the overestimation of goodwill arising from imitation tendencies.Executive overconfidence weakens the peer effect but exacerbates the overestimation of goodwill caused by imitation tendencies.Finally,the higher the imitation tendency,the greater the probability and amount of goodwill impairment in the future.This further confirms that the peer effect leads to overestimation of goodwill.The findings of this study enrich the literature on goodwill and provide insightful empirical evidence for regulating goodwill accounting.The results show that the conservatism principle should be reinforced in the initial recognition of goodwill.

An effective Australian-Chinese peer education program on HIV/AIDS/STDs for university students in China

IntroductionCurrently, there are at least 850,000 people living with human immuno-deficiency virus (HIV) and acquired immuno-deficiency syndrome (AIDS) in China. Among them 16-29 years old account for about 65%. According to the Chinese health authorities, if the preventive measures are not effective, the figure could reach as many as 10 million by the year 2010[1]. Since there are currently no cure or vaccines for HIV/AIDS, changing people's high-risk behaviors is the main approach that is taken to slow down the epidemic. This can be done through effective HIV/AIDS education, especially for young people. In 1997, a 4-year adolescent HIV/AIDS peer education program was introduced to in Beijing and Shanghai, which was based on a successful Australian model developed by Professor Roger Short, in which senior medical students were trained and used as peer educators to teach their junior peers about HIV/AIDS[2].……

同行“双碳”政策感知对企业创新绩效的影响研究

科技创新是实现“双碳”目标的关键支撑,如何充分调动企业科技创新的主观能动性则成为亟需解决的问题。本文运用文本计量方法测算上市公司的同行“双碳”政策感知,定量分析同行“双碳”政策感知对企业创新绩效的影响,并对这种溢出效应机制进行探索。研究发现:同行的“双碳”政策感知能够显著提高企业的研发强度、专利申请量和专利获取量;该创新促进效应的重要渠道是“双碳”政策感知在行业与企业间的传递;外部环境、企业性质和行业特征是该创新促进效应的重要调节变量。本文研究结果验证了凝聚绿色低碳转型的行业共识,可以充分调动企业科技创新的主观能动性,并指出激励政策和给予特殊行业补贴的策略至关重要。

Is peer response effective in teaching writing?

This paper aims to examine whether peer response is effective in ESL/EFL writing to provide a theoretical foundation as well as some adaptable suggestions from teachers/researchers to enhance peer response activities in teaching context. Firstly,the literature review is conducted,exploring research addressing characteristics of peer response and relationship among peer response and student attitude,student revision and writing quality improvement. Secondly,pedagogical implications (implementation of peer response) are demonstrated.

Effects of Peer-scaffolding on EFL Students in Completing a Collaborative Oral Task

This mini research explored effects of peer-scaffolding on EFL students through a collaborative oral task. In general,there are two research questions. The first one is: What kind of peer scaffolding behaviors can be reflected from the two participants? While the other is: How do these peer scaffolding behaviors affect or help EFL students to complete the collaborative oral task? From the research, 10 scaffolding behaviors were analyzed and classified into 5 aspects. Meanwhile, effects of peer-scaffolding can be investigated from 5 aspects mentioned above. In short, all the peer-scaffolding behaviors in this study play a positive role in helping two participants to complete the task.

生育意愿存在同群效应吗?——来自中国社区的经验证据

在人口出生率持续低迷的背景下,研究居民生育意愿的影响因素具有重要的现实意义。现有研究对生育意愿的各种影响因素展开了大量讨论并取得了丰硕的成果,但关于生育意愿的研究大多假设个体为一个“独立”的决策者,并未充分考虑周围群体的行为决策对个体产生的影响。而在“心理效应”以及“学习效应”的作用下,个体的生育意愿也可能会受到他人行为决策的影响,呈现出一定的同群效应。本文基于研究假说,使用中国家庭追踪调查(CFPS)2018年的微观数据对生育意愿的同群效应进行实证分析。实证结果显示社区平均生育水平会对个体的生育意愿产生显著的正向影响,即个体的生育意愿确实存在着明显的同群效应。在稳健性检验中,采用工具变量法、替换被解释变量、缩减样本范围以及更换模型的方式对实证结果进行重新估计后,核心解释变量的系数方向及显著性与基础模型基本一致,表明实证结论具有较强的稳健性。异质性分析结果表明生育意愿的同群效应在城乡归属、年龄阶段以及婚姻状态不同的群体之间存在显著差异。首先,从城乡差异来看,由于乡村地区的社区居住形式以及传统观念等方面的不同,使同群效应对乡村个体的生育意愿所带来的边际影响要明显高于城镇个体;其次,从年龄差异来看,受到性格特点以及所处人生阶段不同等方面的影响,年轻个体的生育意愿所表现出的同群效应要弱于年龄较大的个体;再次,从婚姻状态的差异来看,由于在婚个体考虑生育的可能性更高并且可能会面临更多的关于生育决策的社会舆论压力,因此其生育意愿所表现出来的同群效应也要明显强于未婚等其他婚姻状态的个体;最后,调节效应的分析结果表明个体的认知水平以及对信息获取渠道的倾向会对其生育意愿的同群效应产生明显的调节效应,即当个体的认知水平较高或者个体将互联网作为主要的信息获取渠道时,其生育意愿所表现出的同群效应会相对减弱。为提高居民的生育意愿,社区可以尝试建立社区内部的生育信息交流平台,同时政府也应建立关于生育的舆情追踪监测机制,及时把握和干预社会中有关婚育的舆情动态,充分发挥同群效应对生育意愿的正向影响作用。

我国社区居民体育锻炼的同群效应——基于CGSS数据的实证分析

基于中国综合社会调查数据,排除外生效应、相关效应和羊群效应后,对我国社区居民体育锻炼的同群效应及其影响机制进行分析。结果表明:1)我国居民的体育锻炼存在同群效应,社区中经常参与体育锻炼居民的比例越高,个体经常参与体育锻炼的可能性越大;2)老年人、教育程度较低者以及农村居民对同群者的反应更为敏感;3)同群效应主要通过社区公共体育服务的完善、社区居民的交往以及交往过程中熟悉程度的增加发挥作用。提示,相关部门制定体育政策时应充分考虑同群效应的影响及年龄、教育程度和城乡差异,以充分利用同群效应,扩大体育锻炼的“社会乘数”作用,促进全民健身战略的推进落实。

制造企业数字化能力生成的高管团队影响机制与同群效应

数字化时代,传统制造企业普遍沉浸在缺乏“数字化能力”的焦虑中,企业能否运用数字技术和信息资源产生数字化能力,是推动企业数字化战略落地的关键。对297家制造企业高管成员的调查数据进行实证检验,检验高管团队异质性对制造企业数字化能力的影响,探究同群效应下高管团队异质性、组织惯例更新对制造企业数字化能力生成的作用机制,证实数字化能力是高管团队异质性驱动下制造企业不断修正和创造组织惯例的结果。在这一过程中,行业同群效应强度正向调节制造企业数字化能力的构建,但是地区同群效应强度却与制造企业数字化能力的生成无关。研究认为,制造企业数字化能力构建不是单纯的组织内部惯例更新过程,而是外部群体影响下的复杂决策,数字化不仅是单个企业的转型问题,还是受社会互动影响的群体问题。研究结果为制造企业构建数字化能力提供了理论指导与策略参考。

创业的性别差异研究——同群效应的视角

优化劳动力市场的性别结构对中国经济转型和可持续发展具有重要意义。基于2010—2020年CFPS六期的追踪调查数据研究创业的性别差异问题,结果显示,中国男性创业比例持续高于女性,但这一差异逐期收敛。应用广义倾向得分匹配(GPSM)和工具变量法控制同群效应的“反射”问题。分析认为,同群效应不仅对创业活动存在显著的正向效应,而且对男性和女性的影响是不同的。从不同世代的角度来看,同群效应对个人创业行为存在代际传递效应和性别趋同性,女性创业受到母亲行为的影响更大,男性创业受到父亲行为的影响更大;从同世代的角度来看,女性创业主要受到同群女性创业行为的影响,男性创业主要受到同群男性创业行为的影响,且同群效应对女性创业的影响大于男性;同群效应对个体创业概率的影响呈现先递增后递减的非线性特征,因此,同群效应对创业活动的正向作用是短期的。异质性分析表明,在生存型创业中,同群效应对女性创业的影响显著大于男性,在机会型创业中没有显著的性别差异;男性主导型行业中,同群效应对女性创业的影响显著大于男性,而女性主导型行业中,创业的同群效应没有显著的性别差异。在控制了人口流动导致的自选择问题后,研究结论仍然是稳健的。政府应重视创新创业,推进信息和资源的共享性,同时,中国劳动力市场激励机制设计应着眼于从结构上提高人力资本和行业的匹配度,实现创业性别结构的平衡。

社会责任同群效应对绿色技术创新的溢出效应研究

以沪深A股市场非金融类上市公司为研究样本,运用专家访谈法、回归分析法和内容分析法,研究企业社会责任同群效应对绿色技术创新投资形成的溢出效应。研究结果表明,企业社会责任同群效应对绿色技术创新投资的溢出效应呈“U”型特征;动态能力强化了企业社会责任同群效应对绿色技术创新投资的溢出效应,冗余资源和组织惯性缓解了企业社会责任同群效应对绿色技术创新投资的溢出效应。放松企业决策的独立性假设,将同群效应纳入企业社会责任和绿色技术创新研究框架,实现企业社会责任和绿色技术创新的资源合理配置。

基于社会总体偏差和同伴效应修正的海洋生态修复偏好研究

公众参与海洋生态修复对我国海洋环境保护与生态安全具有重要意义。利用单边界二分式引导技术评估青岛市居民海洋生态修复偏好,并从内疚和抵抗心理两方面就社会总体偏差与同伴效应对修复偏好的影响机理进行分析,为政府激发公众参与海洋生态修复的积极性提供理论依据与技术指导。结果表明:(1)青岛市居民平均每年愿意为海洋生态修复捐赠184.386元,考虑属性重要程度结果表明生物数量的改善可显著提高公众海洋生态修复支付意愿,而公众对改善海水水质和海岸环境并未表现出显著差异性偏好。(2)社会总体偏差和同伴效应均对公众海洋生态修复支付意愿表现出显著正向影响。(3)社会总体偏差和同伴效应可通过激发受访者的内疚感提高生态修复支付意愿,但也会导致抵抗心理抑制参与积极性;主观规范正向调节社会总体偏差和同伴效应对支付意愿的影响。研究揭示了公众在海洋生态修复中的偏好和竞争性心理对陈述偏好的影响,可为促进公众参与海洋生态修复和提高海洋环境资源价值评估准确性提供参考。

企业零杠杆策略与投资同群效应

零杠杆策略作为一种企业财务“异象”,对企业自身及行业内企业的投融资决策都可能产生异质性影响,尤其是如何影响投资同群效应值得深入探讨。以2009-2022年沪深A股非金融上市企业数据为研究样本,实证检验企业零杠杆策略对投资同群效应的影响。研究发现:企业零杠杆策略会抑制投资同群效应。基于零杠杆策略实施动因考虑发现,企业零杠杆策略主要因股权融资充分来抑制投资同群效应。经过倾向得分匹配法、Heckman两阶段回归、工具变量法等一系列内生性检验与稳健性检验发现,研究结论保持不变。异质性检验发现,零杠杆策略对企业投资同群效应的抑制作用在未受到产业政策支持的企业、国有企业和非高新技术企业中更加显著。为了更好发挥零杠杆策略的作用,建议企业完善股权融资路径,降低企业出现资金链断裂的可能性。同时国家应加强产业政策的支持,积极引导企业投资的“去同群化”。

经济周期与企业数字化转型:基于同群效应和热手效应视角

在宏观经济形势复杂多变的背景下,经济周期波动是否会对企业数字化转型产生影响具有研究意义。研究发现,企业的数字化转型呈现逆周期特征;进一步发现,企业的数字化转型存在地区同群效应和行业同群效应,且两类同群效应均会促进企业数字化转型的逆周期性;管理层对未来经济预期存在热手效应,但在此影响下企业的数字化转型仍呈现显著逆周期特征。异质性分析发现,在市场化水平高、行业竞争程度高和媒体关注度低的情况下,企业数字化转型逆周期表现更明显。

企业社会责任的行业趋同现象研究——基于“羊群效应”与“同伴效应”对比视角

企业社会责任的行业趋同现象是“羊群效应”还是“同伴效应”?文章采用2010—2019年中国A股上市企业数据,对企业社会责任行业趋同现象进行了研究。研究发现,企业社会责任的行业趋同现象是具有社会乘数效应属性的同伴效应,而非羊群效应。同时,企业社会责任的行业趋同能够促进企业价值的提升,进一步验证了同伴效应的存在性。进一步研究表明,该同伴效应在企业社会责任的评价指标层面的显著性存在差异。拓展性分析表明,行业领导者和行业追随者在不同的企业优势特征方面对同伴企业社会责任的反应有所不同。此外,同伴效应在非重污染行业、市场竞争程度较低的行业及东部地区中更显著。

企业基础研究决策的同群效应及影响因素

以2013-2022年中国沪深A股制造业和信息技术业上市企业为样本,实证检验基础研究的同群效应的存在性、模仿路径及其影响因素。研究发现,企业基础研究决策受行业内其他企业的影响,即存在行业同群效应,其模仿路径呈现出一定的先内后外规律。企业所处的竞争地位越高,既往基础研究经验越丰富,其基础研究决策越容易受到行业同群的影响。相较于非国有企业,国有企业基础研究决策受同群企业影响程度较高。研究进一步发现,企业基础研究决策同群效应对企业创新绩效有正向促进作用。研究发现为更好地理解企业基础研究的外在驱动力,并为鼓励企业开展基础研究与完善中国基础研究政策体系提供思路参考。